investment statement for - Pumpkin Patch investor relations

what returns will I get?Type of returnsSharesShareholders may receive returns from their Shares in two ways:• shareholders will be entitled to receive any dividends orother distributions paid or provided on their Shares byPumpkin Patch; and• shareholders may also benefit from the proceeds of the saleor other disposition of their Shares.Pumpkin Patch can give no assurance as to the amount of anyreturns, whether by way of dividends paid, proceeds of sale orin any other form.The ability of Pumpkin Patch to pay dividends, and the marketprice of the Shares, will depend on a number of factorsincluding economic conditions in New Zealand andelsewhere, the operational and financial performance ofPumpkin Patch, prevailing government policies and the levelsof interest rates or currency markets, as well as other factorsdiscussed in this Investment Statement under the section titled“What Are My Risks?”.The dividend policy of the Board of Pumpkin Patch is to targeta dividend payout ratio of approximately 50% of the net profitafter tax of the Company, subject to a number of factorsincluding the level of expenditure required to pursue growthopportunities and the Company’s objective to provideshareholders with appropriate returns. In each financial yearthe Directors expect to pay an interim dividend in April and afinal dividend in November. Pumpkin Patch can give noassurances as to the level or frequency of any future dividend(or other distribution, if any) payable on the Shares or as to thelevel of imputation credits, if any, attached to any dividends.Pumpkin Patch will be legally liable to pay any dividendsdeclared on the Shares. If a shareholder sells any Shares, thepurchaser will be legally liable to pay the purchase price ofthose Shares.Shareholders who sell Shares will receive returns from the sale(i.e. the price the buyer agrees to pay). Pumpkin Patch doesnot promise any amount of returns on a sale. Furthercomments on selling your Shares are set out in this InvestmentStatement under the section titled “How Do I Cash In MyInvestment?”.Pumpkin Patch does not promise or guarantee the return ofcapital or the amount of dividends, distributions or any otherreturns in respect of the Shares.OptionsOption Holders under the Option Offer are not entitled to anyreturns from the Options until they are converted to Shares,and in particular are not entitled to any dividends or otherdistributions, and are not entitled to dispose of their Optionsother than by having them converted to Shares upon exercise.Shares issued on conversion of Options will rank equally in allrespects with all other Shares on issue at the date on which theOptions are exercised, and will accordingly be entitled to thesame returns as described in relation to Shares above, exceptfor any dividend in respect of which the Record Date occurredprior to that date.40